Stocks tumble on bank downgrade

Global stocks fall on credit fear
Global shares tumble after a downgrade of US bank Citigroup renews fears about the fallout of the sub-prime crisis.

Citigroup set to cut 75,000 jobs
US bank Citigroup announces plans for up to 75,000 job cuts, up from a previously announced total of 23,000.

Citigroup to buy US bank Wachovia
Wachovia, the fourth-largest US bank, is being bought by larger rival Citigroup in a rescue deal backed by US authorities.

Lehman Brothers shares plunge 40%
Shares in troubled US bank Lehman Brothers have plunged again on fears over the future of bank.

Citigroup to shed $400bn assets
US bank giant Citigroup aims to sell $400bn of assets over the next three years to bolster its financial position.